AL FARDAN EXCHANGE L.L.C SIGNS ANTI-MONEY LAUNDERING COMPLIANCE SOLUTIONS AGREEMENT WITH KIYA.AI
09 June 2022, Dubai, UAE: Al Fardan Exchange L.L.C, the leading money transfer and currency exchange firm which is licensed and regulated by the Central Bank of the United Arab Emirates (UAE), has signed an agreement with Kiya.ai , a digital and financial solutions provider, powered by Artificial Intelligence (AI) and Machine Learning (ML). The agreement entails Anti-Money Laundering (AML) compliance solutions for transactions monitoring, sanctions screening and AML risk assessment.
Kiya.ai’s Anti-Money Laundering (AML) Solution is an integrated enterprise-wide AML risk management solution and is trusted by over 250 clients across more than 56 countries. Powered by Artificial Intelligence (AI), Machine Learning (ML), and Robotic Process Automation (RPA) technologies, the solution allows financial firms to manage their AML risk exposure and compliance.
The solution monitors transactions in real-time via automated processes and delivers high-performance compliance-management, generating real-time alerts, which will help Al Fardan Exchange achieve greater efficiency and effectiveness. The solution is compliant with all major AML regulations around the world.
Hasan Fardan Al Fardan, CEO of Al Fardan Exchange L.L.C., said: “Al Fardan Exchange is happy to announce our collaboration with Kiya.ai to provide a safe and secure experience for all our customers, which is in line with UAE AML Regulations and best global AML practice. We look forward to a successful partnership and hope to continue to provide our customers the premium level of service we always have.”
Hasan Jaber, Deputy CEO of Al Fardan Exchange L.L.C., said: “Our collaboration with Kiya.ai demonstrates our ongoing commitment to ensure the highest level of compliance at Al Fardan Exchange, and that we are always looking for the most advanced and modern solutions. Kiya.ai’s Artificial Intelligence-powered services puts us at the forefront of the local industry and in turn, empowers us, at Al Fardan Exchange, to continue to provide our customers with the best possible experience with complete safety and security.”
“We at Kiya.ai are delighted to have been associated with Al Fardan Exchange for over 15 years, a leading money exchange and remittance company in the United Arab Emirates. Kiya.ai is committed to enable Al Fardan Exchange to build an effective compliance program that helps proactively manage potential risks cost-effectively, and to ensure complete compliance with the Central Bank of UAE’s regulations. With this, we continue to build on our vision of providing the financial service industry in the middle east region with scalable, innovative & robust compliance management solutions that empower them to stay at pace with the changing global financial regulatory landscape,” said Mr. Amit Sharma, VP & Global Head-Products, Kiya.ai.
Kiya.ai’splatform will empower Al Fardan Exchange to vertically integrate modules, determine Key Risk Indicators (KRIs), meet evolving regulations, and devise proactive policies and procedures to mitigate risk. Recently, Kiya.ai’s AML solution ranked #1 globally in the compliance management category in IBS Intelligence’s Annual Sales League Table 2021 – the second consecutive year it achieved #1 ranking in the global best-selling compliance management solution category.
About Al Fardan Exchange
Al Fardan Exchange is a member of the Al Fardan Group, which has roots stretching back to 1954. Emerging from a seafaring and pearl trading tradition to a commercial trade, the Al Fardan name is built on a solid bedrock of security and reliability. Leveraging on the Group’s diversified business interests and successful operations in real estate, high-end jewellery and financial services, Al Fardan Exchange holds global reach with trust and credibility as its main ethics, and is regulate by the Central Bank of UAE.
Established in 1971, Al Fardan Exchange has had the unique opportunity of playing a part in supporting communities who have helped build this nation, by helping them bring life to their own dreams – both here and in their home countries. Today, we are incredibly proud to serve the UAE’s cosmopolitan community through our 80+ strong network, spanning across all Emirates. Reinforced by strong relationships with over 150+ global corresponding banks, financial institutions, and other financial service providers, we offer secure transactions that firmly place reliability and trust in the forefront.
To learn more about Al Fardan Exchange, visit alfardanexchange.com
Kiya.ai is one of the most innovative digital solutions providers serving financial institutions and governments globally. Known for its deep domain expertise in Financial Services, Digital Payments, Governance, Risk, and Compliance solutions along with market-ready processes which help clients traverse their digital transformation journey and create sustainable value for the community.
Headquartered in Mumbai, Kiya.ai helps businesses transform through its range of advanced digital solutions and new-age technologies such as Multi-experience & Omnichannel Banking, Artificial Intelligence, and Robotic Process Automation (RPA), and Data Analytics.
Kiya.ai has 11 global offices and serves 500+ enterprises in 56 countries across South-East Asia, Africa, the Middle East, Europe, and North America. Kiya.ai is ISO 9001 and ISO 27001 certified and is assessed at CMMI Level 5 v2.0.